GST (Goods and Services Tax)

WHAT IS GST

Goods and Services Tax (“GST”) is the indirect tax levied in India and subsumes different taxes such as service tax, excise duty, VAT, entry tax and customs duty, into a single tax system. GST was introduced to reduce complexities and compliances of doing business for millions of small businesses in India.

Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input Tax Credit for the taxes on his inward supplies

WHEN GST WILL BE APPLICABLE

Compulsory Registeration irrespective of turnover

Casual taxable persons

Non-residents

Persons supplying products through e-commerce operators

Turnover limit for GST Registeration

For Service Providers : If turnover exceeds Rs.20 lakhs

For Good Suppliers : If turnover exceeds Rs.40 lakhs

BENEFITS OF VOLUNTARY REGISTERATION UNDER GST

1. Provide input tax credit to customers.

2. Take input credit.

3. Make inter-state sales without many restrictions.

4. Be compliant and have good rating

Better standing.